The Mayor of New York City, Bill de Blasio, released a statement citing that the city is backing the construction of affordable housing during the fiscal year 2020 as part of his plan to build or preserve 30,000 affordable homes by 2026. Out of the 30,000, 23,520 were preserved and 6,503 are newly constructed units. Over half of the homes financed will house families making less than $52,000 a year, according to the statement. “The pandemic has made us see even more clearly what housing means for communities, public health, and the future of New York City. The city’s recovery depends on our ability to keep people in their homes and stretch our dollars further to build and preserve even more affordable housing in these challenging times,” said Deputy Mayor Vicki Been.
The Bishop Valero Residence is an example of a project that was financed and is expected to bring 100 “deeply” affordable housing from seniors including homes for homeless seniors to Astoria, Queens, New York according to a statement from City Hall.Rents for all units in the residence will be subsidized through a federal voucher awarded to development. The tax credit allocation for the senior project was increased to ensure construction began on schedule.
Another is Co-op City, the world’s largest housing cooperative located in the Bronx. Over 15,000 homes in the development will remain affordable for the next 40 years due to the City’s preservation programs and tax exemptions, according to a statement from the mayor’s office.
“New Yorkers will rely on safe, affordable housing more than ever as we continue our fight against COVID-19,” said de Blasio in a statement. “Our efforts to finance and preserve affordable options for low-income New Yorkers will help our most vulnerable neighbors remain stable and healthy in the months to come – and help us emerge from this crisis a fairer, better city.”